The insulin pen market is growing rapidly and is expected to surpass US$ 11 billion by 2022, primarily driven by the prevalence of diabetes across the world – according to a detailed market report by RationalStat

The report titled "Global Insulin Pens Market" assesses the insulin pens market globally based on the basis of type, product type, diabetes type, distribution channel, end-user, and region. A comprehensive report provides a detailed historical and future market size with trend analysis. RationalStat provides market share analysis, production areas, financial assessment by manufacturer, insulin pens consumption and production, import-export data, Covid-19 impact analysis, an overview of the competition, market strategies, and potential growth areas.

Market Overview and Dynamics: The increasing investments and initiatives from public and private stakeholders are expected to fuel the growth of the global insulin pens market in the upcoming years

The global insulin pens market is expected to grow at a CAGR of around 7.3% during the forecast period of 2022-2028. With an aim of making diabetic patient care more convenient, the key market players are focusing on introducing advanced technologies and expanding their product portfolio. This is expected to boost the sales of insulin pens in upcoming times.
• Diabetes diagnosis and blood glucose monitoring markets are experiencing rapid growth as more Type 2 diabetic patients are diagnosed each year.
• The penetration of reusable insulin pens in the global insulin pens market is expected to further fuel the demand for insulin pens and present lucrative growth opportunities for the reusable insulin pens segment.
• Furthermore, the emergence of smart insulin pens in the market is expected to spur the growth of the global insulin pens market. These insulin pens can deliver precise insulin dosages. The smart insulin pen's memory feature can recall the timing and amount of the previous dose.
• Besides, the portability and convenience nature of pens are key advantages over traditional delivery. Smart insulin pens save time because they are prefilled and have a pre-set insulin level. Pen-based insulin administration saves time and is popular among children and the elderly. These smart insulin pens feature increase patient compliance which in turn is expected to influence the growth of the global insulin pens market.

Segmental Analysis

• Based on type, conventional insulin pens hold a dominant share of the global insulin pen market, however, the population with high disposable income is expected to adopt smart insulin pens in the forthcoming years.
• Based on product type, disposable pens hold a dominant share in the global insulin pens market however, reusable pens are rapidly gaining traction in the global insulin pens market.
• Based on region, Asia Pacific holds a prominent share of the global insulin pens market due to the presence of a large pool of diabetic patients in major economies like China and India and supports lucrative growth opportunities in the region.

Competition Analysis: The growing healthcare concerns and awareness about the presence of various treatment solutions are anticipated to boost the growth of the global insulin pens market in the upcoming years

Due to the presence of many well-established companies in the global insulin pens market, there is intense competition in the global insulin pens market. Technological advancements and increased investments in the healthcare sector are expected to spike the demand for the insulin pens market in the upcoming years.
Becton Dickinson (BD) and Novo Nordisk dominate the global insulin pens market. In addition, a lot of new companies are foraying into the regional markets, such as CamAm Care, and Owen Mumford.
• In March 2022, Novo Nordisk A/S launched the smart insulin pen NovoPen 6 and NovoPen Echo Plus in the UK market. By the use of this, people can monitor and record dosing information on their smartphones. These pens can record the amount of insulin injected via a near-field communication mobile application which can be reviewed by patent and healthcare professionals when required.
• In November 2021, Biocon and Viatris launched an interchangeable insulin biosimilar named Semglee which is a substitute for Sanofi's diabetes drug Lantus. As per the company, the unbranded version of the biosimilar is 65% economical as compared to Sanofi's Lantus.
Some of the prominent players that contribute significantly to the market growth include Novo Nordisk A/S, Sanofi S.A., Eli Lilly and Company, Medtronic plc, B. Braun Holding GmbH & Co. KG, Owen Mumford Ltd., YpsoMed AG, Biocon Limited, Terumo Medical Corporation, among others.

RationalStat has segmented the global insulin pens market on the basis of type, product type, diabetes type, distribution channel, end-user, and region.
• By Type
o Conventional Insulin Pen
o Smart Insulin Pen
• By Product Type
o Reusable Pen
o Disposable Pen
• By Diabetes Type
o Diabetes Type 1
o Diabetes Type 2
• By Distribution Channel
o Hospital Pharmacies
o Conventional Retail Pharmacies
o Online Pharmacies
• By End User
o Hospitals
o Clinics
o Homecare Settings
• By Region
o North America
 US
 Canada
o Latin America
 Brazil
 Mexico
 Rest of Latin America
o Western Europe
 Germany
 UK
 France
 Spain
 Italy
 Rest of Western Europe
o Eastern Europe
 Russia
 Poland
 Rest of Eastern Europe
o Asia Pacific
 China
 Japan
 India
 South Korea
 Australia
 ASEAN (Indonesia, Vietnam, Malaysia, etc.)
 Rest of Asia Pacific
o Middle East & Africa
 GCC
 South Africa
 Turkey
 Rest of the Middle East & Africa

For more information about this report https://store.rationalstat.com/store/global-insulin-pen-market-analysis-forecast/

RationalStat LLC
Kimberly Shaw, Content and Press Manager
sales@rationalstat.com
Phone: +1 302 803 5429

About RationalStat LLC
RationalStat is an end-to-end US-based market intelligence and consulting company that provides comprehensive market research reports along with customized strategy and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client's needs. Additional services offered by the company include consumer research, country reports, risk reports, valuations and advisory, financial research, due diligence, procurement and supply chain research, data analytics, and analytical dashboards.

This release was published on openPR.